A Humping Party is when you and a whole bunch of friends (male or female) just start humping each other and other friends, random people, etc. While doing it you've gotta yell out "Humping Paaaaaaaaaaaaaaaarty" , to make it official.
Guy 1: Yo, Lisa is looking sexy today
Guy 2: Then lets throw a Humping Party
*Guys 1 and 2 walk over to Lisa and hump her in a friendly way*
Guys 1 and 2: HUMPING PAAAAAAAAAAAAAARTY.
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The act of being repeatedly bumped into by a person being humped. Usually seen in cases in which you and the humpee are sitting down next to each other.
John: Did you see Kyle hump Brenda on that bench today?
David: Actually, he was third party humping me. So yes, I did.